1. I have purchased Fry pan & Mixie for business purpose. That value of the item is Below 5K. Now I treated as Asset or Expenses ???
2. Purchased provision items like rice, wheat & Maida etc for business purpose. we get tax invoice with GST, now I utilize that GST amount or not..
3. And we have own land, so we construct the building for hotel business. So we spend money for Building material purchase (Sand, Cement etc) & Labour charges. Now I treat the cost as asset or expenses.
19 June 2020
Mr Seetharaman sir, Correction to Ans. 3rd- Section 17(5)(d) restrict ITC on goods or services or both received by a taxable person for construction of an immovable property (other than plant or machinery) on his own account including when such goods or services or both are used in the course or furtherance of business.
So any ITC cannot be claimed on inputs used for construction of Building.
CAclubindia
